Al Yamamah Steel turns to SAR 70.8M profit in FY 2023/24; Q4 at SAR 4.3M

Al Yamamah Steel Industries Co. reported a net profit of SAR 70.8 million in the fiscal year ended Sept. 30, 2024, against a loss of SAR 130.1 million a year earlier.

The improved performance was attributed to higher revenues due to a year-on-year (YoY) surge in sales value and volumes in the renewable energy segment by 340.45% and 303.78%, respectively. The electricity segment's sales value also increased by 2.49% YoY. In addition, the construction segment posted a rise of 7.21% and 1.92% in sales volumes and value, respectively, compared to the year-earlier period.

Moreover, the cost of sales in the construction, electricity, and solar energy segments decreased YoY by 20.82%, 7.56%, and 10.35%, respectively. These rates are higher than the decrease in the selling prices of products in the construction and electricity segments, which amounted to 8.33% and 4.93%, respectively.

Financing costs fell by 3.05% (SAR 2.1 million) due to a decrease in short-term loan balances.

On the other hand, selling and distribution expenses rose by 54.95% (SAR 11.35 million) YoY, and administrative expenses increased by 14.88% (SAR 6.89 million).

The company reported a net profit of SAR 4.3 million in Q4 2023/2024, against a loss of SAR 22.98 million a year earlier.

Sequentially, the company's Q4 earnings dropped 33.9% from SAR 6.45 million in the previous quarter.

Shareholders’ equity, after minority interest, stood at SAR 589.08 million at the end of the current period, compared with SAR 518.15 million a year earlier.

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